Question 1

What is Bits?

Accepted Answer

Bits, from Bits Technology, is a compliance platform for regulated financial companies in Europe. It covers KYB and KYC onboarding, AML risk scoring, screening and ongoing due diligence, transaction monitoring, case management and automated procedures in one platform.

Question 2

Where is Bits based?

Accepted Answer

Bits Technology is based in Stockholm, Sweden. The legal entity is Finbits AB, company registration number 559375-3923.

Question 3

When was Bits founded?

Accepted Answer

Bits Technology was founded in 2022 by a team with a background in fintech, open banking and infrastructure.

Question 4

How is Bits funded?

Accepted Answer

Bits raised a €1M pre-seed round in 2022, a €4M seed round in 2023 and a €12M Series A in 2026.

Question 5

Who uses Bits?

Accepted Answer

Banks, payment companies, lenders, fintechs and investment firms use Bits. Customers include Qliro, Walley, Coinmotion, Alisa Bank, Brite, 0TO9 and Always Summer.

Question 6

What modules does Bits include?

Accepted Answer

KYB and KYC onboarding, AML risk score, ongoing due diligence, transaction monitoring, case management, procedures and Bits AI. You can start with one module and add more over time.

Question 7

Do the modules share data?

Accepted Answer

Yes. All modules share one data model, so onboarding, screening, risk scoring and monitoring work from the same customer record, and every change is captured in the audit trail.

Question 8

Do we need to replace our current tools?

Accepted Answer

Not necessarily. Many teams start with one module, such as transaction monitoring, and connect the rest over time. The benefit grows as more of the customer lifecycle runs on the same record.

Question 9

Does Bits replace our core banking system?

Accepted Answer

No. Bits runs next to your core system and connects through API and webhooks, so decisions and status changes flow back to where you need them.

Question 10

Do we need developers to use Bits?

Accepted Answer

No. Compliance teams build flows, rules and risk models in no-code editors. Engineers only come in to connect Bits to your platform through the API and webhooks.

Question 11

Can Bits handle both retail and business customers?

Accepted Answer

Yes. You build separate KYC and KYB flows in the same workspace, with screening, risk scoring and case management shared behind them.

Question 12

Which countries and data sources does Bits cover?

Accepted Answer

Bits has 60+ data sources built in, with company registry and eID coverage across the Nordics and Europe. You can set flows and risk models per market.

Question 13

Which eIDs are supported?

Accepted Answer

Supported eIDs include Swedish and Norwegian BankID, MitID, FTN, itsme, DigiD, beID and Vipps. See the integrations page for the full list.

Question 14

How does Bits handle UBO verification?

Accepted Answer

Bits pulls registry data, maps the ownership structure layer by layer and screens every beneficial owner against PEP and sanctions lists.

Question 15

Can we brand the onboarding flow?

Accepted Answer

Yes. Theming lets you add your logo, upload your own fonts and style the layout and inputs so the no-code onboarding flow matches your brand.

Question 16

Can we add our own questions?

Accepted Answer

Yes. You can add questions and follow-up questions to a questionnaire, and use the answers directly in your risk model.

Question 17

What does Bits screen against?

Accepted Answer

Bits screens individuals and companies against PEP lists, sanctions lists and adverse media, and you can choose which lists to monitor against.

Question 18

How does ongoing monitoring work?

Accepted Answer

Monitored customers are re-checked continuously with data updated daily. You can set custom monitoring rules, and a change that needs attention opens a case.

Question 19

How does Bits help with periodic reviews?

Accepted Answer

You set review intervals per risk level. Bits refreshes the data, flags what changed and opens a case when a review needs a person.

Question 20

Can AI help review screening matches?

Accepted Answer

Yes. Bits AI can analyze matches such as adverse media hits, suggest a decision and write the case comment, while the decision stays with your team.

Question 21

Can we use our own risk methodology?

Accepted Answer

Yes. You define the variables, weights and thresholds yourself, and you can run separate models per market or customer segment.

Question 22

What scale does the Bits risk score use?

Accepted Answer

Bits risk scores run from 1.0 to 4.0, where a higher score means higher risk.

Question 23

Can we see why a customer got a certain score?

Accepted Answer

Yes. The risk score breakdown shows how the score was calculated, factor by factor, based on your model.

Question 24

How do we change a risk model safely?

Accepted Answer

Preview how a new version redistributes your customers before you publish it. Models are versioned, so you can publish and unpublish with a full history.

Question 25

Which payment types can Bits monitor?

Accepted Answer

Bits monitors the transactions you send to it, whatever the payment method. You map your own fields, such as method, merchant category or direction, and use them in rules.

Question 26

How does Bits reduce false positives?

Accepted Answer

Rules can read the customer’s risk score, history and declared activity, so thresholds fit each customer instead of one limit for everyone.

Question 27

Can we file suspicious activity reports from Bits?

Accepted Answer

Yes, for Sweden and Finland. You create SAR and STR reports in the dashboard, prefilled from your entities, and export them as goAML XML.

Question 28

What is a procedure?

Accepted Answer

A procedure turns a part of your compliance policy into an automated flow. It starts from a trigger, reads the data it needs from Bits or from your own systems, applies your rules and takes action.

Question 29

What can a procedure do?

Accepted Answer

Read and update individual, organisation and transaction data, evaluate rules, open cases, send Slack messages and emails, and call webhooks.

Question 30

What happens when an alert needs a person?

Accepted Answer

A case collects the customer record, the rules that triggered and the linked transactions, so the reviewer has the full context in one place.

Question 31

Is there an audit trail?

Accepted Answer

Yes. The audit trail shows what happened, when it happened and who did it, for customer data, configuration changes and decisions.

Question 32

When does AMLR apply?

Accepted Answer

The Anti-Money Laundering Regulation, Regulation (EU) 2024/1624, applies across the EU from 10 July 2027.

Question 33

What changes compared to today’s rules?

Accepted Answer

AMLR replaces most national AML rules with one directly applicable regulation. It sets common requirements for customer due diligence, ongoing monitoring, beneficial ownership and record keeping.

Question 34

How does Bits support AMLR?

Accepted Answer

AMLR expects one connected view of each customer across onboarding, screening and monitoring. In Bits these modules share one data model, and every change is captured in the audit trail.

Question 35

How do we keep up as guidance develops?

Accepted Answer

Rules, risk models and review intervals are configuration, not code, so your team can adjust them as AMLA publishes its technical standards.

Question 36

Does Bits have an API?

Accepted Answer

Yes. Bits has a REST API and webhooks. Product documentation is on the developers page, and the API reference is available in the Bits dashboard.

Question 37

Can Bits use data from our own systems?

Accepted Answer

Yes. Procedures can fetch data from your core banking system, CRM or data warehouse and write results back, and your systems can start procedures through the API.

Question 38

Can Bits notify our team in other tools?

Accepted Answer

Yes. Procedures can send Slack messages and emails, and call webhooks to update other systems.

Question 39

Is Bits GDPR compliant?

Accepted Answer

Yes. Bits is built for regulated companies in the EU and handles personal data in line with GDPR. See the legal pages for the privacy policy and terms.

Question 40

How is data protected?

Accepted Answer

Data is encrypted, data providers are verified, and every change to customer data and configuration is recorded in the audit trail.

Question 41

Is there a free trial?

Accepted Answer

Yes. Fill in the trial form and we email you login credentials for your own sandbox workspace, where you can test onboarding, monitoring and case management at your own pace.

Question 42

How long does implementation take?

Accepted Answer

Most of the setup is configuration rather than code. Qliro went live on Bits within two weeks of signing, and Always Summer went from contract to full implementation in less than one week.

Question 43

How much does Bits cost?

Accepted Answer

Pricing isn’t listed publicly. Get in touch and we’ll share a quote for your setup.

Question 44

How do we book a demo?

Accepted Answer

Use the contact page to book a demo. We’ll walk through the platform on your own use case.

Frequently asked questions

Bits at a glance

Company

What is Bits?

Where is Bits based?

When was Bits founded?

How is Bits funded?

Who uses Bits?

Platform

What modules does Bits include?

Do the modules share data?

Do we need to replace our current tools?

Does Bits replace our core banking system?

Do we need developers to use Bits?

KYB and KYC onboarding

Can Bits handle both retail and business customers?

Which countries and data sources does Bits cover?

Which eIDs are supported?

How does Bits handle UBO verification?

Can we brand the onboarding flow?

Can we add our own questions?

Screening and monitoring

What does Bits screen against?

How does ongoing monitoring work?

How does Bits help with periodic reviews?

Can AI help review screening matches?

Risk scoring

Can we use our own risk methodology?

What scale does the Bits risk score use?

Can we see why a customer got a certain score?

How do we change a risk model safely?

Transaction monitoring

Which payment types can Bits monitor?

How does Bits reduce false positives?

Can we file suspicious activity reports from Bits?

Cases and procedures

What is a procedure?

What can a procedure do?

What happens when an alert needs a person?

Is there an audit trail?

AMLR 2027

When does AMLR apply?

What changes compared to today’s rules?

How does Bits support AMLR?

How do we keep up as guidance develops?

Integrations and API

Does Bits have an API?

Can Bits use data from our own systems?

Can Bits notify our team in other tools?

Data and security

Is Bits GDPR compliant?

How is data protected?

Getting started

Is there a free trial?

How long does implementation take?

How much does Bits cost?

How do we book a demo?

Still have questions?

Still have questions?

Still have questions?